Broadcom (NASDAQ:AVGO) Trading Up 1%

Shares of Broadcom Inc. (NASDAQ:AVGO) rose 1% during trading on Friday . The stock traded as high as $153.58 and last traded at $150.70. Approximately 5,563,804 shares traded hands during trading, a decline of 83% from the average daily volume of 32,091,275 shares. The stock had previously closed at $149.26.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Melius Research initiated coverage on shares of Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective for the company. UBS Group upped their price target on shares of Broadcom from $161.00 to $173.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Melius began coverage on Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective on the stock. Truist Financial raised their target price on Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, Oppenheimer cut their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Two investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $240.08.

Broadcom Stock Performance

The stock’s 50 day moving average is $187.14 and its 200 day moving average is $148.13. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. The firm has a market cap of $713.31 billion, a price-to-earnings ratio of 6.48, a price-to-earnings-growth ratio of 2.67 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. The business had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. Broadcom’s revenue was up 43.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 earnings per share. Analysts anticipate that Broadcom Inc. will post 3.74 earnings per share for the current year.

Broadcom Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 24th were given a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 1.37%. The ex-dividend date was Monday, June 24th. Broadcom’s dividend payout ratio (DPR) is currently 9.03%.

Insider Activity

In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVGO. Stuart Chaussee & Associates Inc. bought a new stake in Broadcom during the fourth quarter worth about $25,000. Legend Financial Advisors Inc. boosted its stake in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares in the last quarter. PSI Advisors LLC grew its position in Broadcom by 66.7% during the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after acquiring an additional 10 shares during the last quarter. Richardson Capital Management LLC purchased a new position in shares of Broadcom during the first quarter worth approximately $29,000. Finally, CKW Financial Group bought a new stake in shares of Broadcom in the 4th quarter worth approximately $30,000. 76.43% of the stock is owned by institutional investors.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.